Just because cryptocurrency is decentralized does not mean that the Fed shouldn’t have the right to access this information to help stop sex trafficking in the United States. We should be cautious, however, of the power we give the Fed - as long as they are using the information for investigation and not attempting to regulate use, this would be an incredible asset to them.

Would this actually get the Government to investigate sex and drug trafficking, since they are not doing much right now? Why does it matter what currency is being used to commit unethical, unlawful crimes ?? Do we really need more bills and more legislation to go after criminals?

What is House Bill H.R. 6069?

This bill would direct the Government Accountability Office (GAO) to report on the use of virtual currencies and online marketplaces in sex and drug trafficking. The GAO would be required to report on how illicit proceeds are transferred into the U.S. banking system; state and non-state actors that benefit from or participate in such activity; and preventative efforts from federal and state agencies.

The report would be provided to relevant congressional committees and include a summary of its findings along with recommendations for legislation or regulations “that would improve the efforts of federal agencies to impede the use of virtual currencies and online marketplaces in facilitating sex and drug trafficking.”

Impact

Cryptocurrencies; dark net; and the Government Accountability Office.

Cost of House Bill H.R. 6069

A CBO cost estimate is unavailable.

More Information

In-Depth: Sponsoring Rep. Juan Vargas (D-CA) introduced this bill to require a report on the use of virtual currencies in crimes such as sex trafficking and illegal drug sales:

“The anonymity behind virtual currencies has made them a preferred payment method to carry out illegal activities… Congress must understand the full extent of how virtual currencies are being used to facilitate drug and sex trafficking and propose legislative solutions to fight these crimes.”

Of Note: Virtual currencies such as Bitcoin, Dash, Zcash, and Monero, which offer anonymity to their users, are rapidly becoming the preferred financial payment method for illicit activities thanks to their untraceable natures. Virtual currencies are quickly becoming the default payment method for goods and services associated with illegal sex and drug trafficking — two of the most detrimental and troubling activities facilitated by online marketplaces and the dark web.

The Drug Enforcement Administration, in its 2017 National Drug Assessment, reported that transnational criminal organizations are increasingly using virtual currencies for illicit activities, including drug trafficking. It has also been reported that virtual currencies are being used to run online drug marketplaces, including fentanyl, and contributing to the opioid crisis.

AKA

Fight Illicit Networks and Detect Trafficking Act

Official Title

To require the Comptroller General of the United States to carry out a study on how virtual currencies and online marketplaces are used to buy, sell, or facilitate the financing of goods or services associated with sex trafficking or drug trafficking, and for other purposes.

Just because cryptocurrency is decentralized does not mean that the Fed shouldn’t have the right to access this information to help stop sex trafficking in the United States. We should be cautious, however, of the power we give the Fed - as long as they are using the information for investigation and not attempting to regulate use, this would be an incredible asset to them.

Would this actually get the Government to investigate sex and drug trafficking, since they are not doing much right now? Why does it matter what currency is being used to commit unethical, unlawful crimes ?? Do we really need more bills and more legislation to go after criminals?

Our government should Always Work to protect children and women from any criminal actions. Crypto currency is that One Thing that this government does not have its hands in, and that is also what this is about.

Could possibly be one of the dumbest questions I've ever seen appear here! Of course they should. Really, that hard-up for something new to talk about? You could just tell everyone to take a look at qproofs.com while their bored!

Yes. And while we’re at it, they should investigate the potential risk of these currencies to do serious damage to our economy, given that everyone and your mother is jumping on board this bandwagon now.